Future Generali Saral Bima Plan

Future Generali Saral Bima comes with a number of attractive features, some of which are highlighted in the table below.

Benefits/Advantages of Future Generali Saral Bima

aims to offer unique benefits to policyholders, some of which are mentioned below.

1. High sum assured - Eligible individuals can opt for a sum assured which suits their needs, with the maximum sum assured being Rs 5 crore.
2. Protection plus returns - Being an endowment plan, Saral Bima offers both life insurance and returns on investment.
3. Flexibility - Policyholders can opt for a policy term which suits their requirements. They also have an option to choose a premium payment mode which matches their current financial condition.
4. Discount - Individuals who choose a high sum assured are eligible for a discount on their premiums.
5. Low premium - Individuals can enjoy the benefits of this policy by paying low premium amounts.
6. Maturity benefit - Policyholders are entitled to a maturity benefit once the policy completes its term. This benefit is equivalent to the sum assured opted by the individual.
7. Death benefit - In the event of demise of a policyholder, his/her nominee will be paid a death benefit. This benefit will be equal to the higher of the sum assured, 105% of premiums paid or 10 times the annualised premium paid by a policyholder.
8. Tax benefits - Premiums paid and any amount received are eligible for tax benefits, subject to current tax laws in the country.
9. Enhanced protection - Policyholders can choose to enhance their policy by opting for additional riders.

How does the plan Work?

Future Generali Saral Bima was created to offer simple life insurance solutions to people, positioning itself in a category which is easy to understand and implement. Being an endowment plan, it offers returns on an investment, in addition to the insurance cover. One can understand the working of this plan by considering the example of Miss Jaya, a bank manager. Miss Jaya decides to purchase Saral Bima on her 50th birthday, choosing a policy with a 20 year term. The sum assured opted by her is Rs 25 lakhs and she pays the premium every year.

Let us consider the following scenarios to see how this Future Generali life plan works under different circumstances.

Scenario 1: Jaya pays the premium amount regularly, maintaining a healthy lifestyle during the policy term. The policy matures after 20 years, when Jaya attains the age of 70 years. In this case, she will receive a maturity benefit equivalent to the sum assured, i.e. Rs 25 lakhs. The policy will terminate after this amount is paid to her.

Scenario 2: Jaya passes away 10 years after purchasing the plan, leaving behind her husband and two children. While opting for the plan, she chose her husband to be the nominee, which means that he will receive the death benefit on her demise. A death sum assured equivalent to the higher of the sum assured, 105% of premiums paid or 10 times the annualised premium will be paid to her husband. The policy will terminate once the payment is complete.

Premium Payment

Policyholders need to pay the premium for the entire policy term, with the table below highlighting the options available.

Riders

Policyholders can choose to enhance the protection offered by the plan by opting for additional riders. Future Generali Saral Bima currently comes with the option of two riders, Future Generali Non-linked Accidental Death Rider and Future Generali Non-linked Accidental Total and Permanent Disability Rider. These riders can be purchased at an additional cost and eligible members should check their availability before opting for a plan.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017